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Development

Historic West Rutland buildings converted to energy efficient apartments

Senator Bernie Sanders was in West Rutland Friday to celebrate the conversion of two historic buildings-- Stanislaus School and a former convent that had been unoccupied for years--into affordable, energy efficient housing.  

Hickory Street apartments ready in Rutland

The first phase of renovations at the Forest Park apartment complex in Rutland are complete. Residents began moving into the 33 mixed-income apartments on Hickory Street on Thursday.  

Vermont Housing Finance Agency provided federal low-income housing tax credits for the project. A variety of other funding sources included the federal public housing program and  HOME program.

QAP public hearing coming Jan. 19

VHFA is conducting its annual review of the Qualified Allocation Plan (QAP) for Tax Credits, and will  hold a public hearing for feedback next Wednesday.

The QAP determines how VHFA allocates Vermont's Housing Tax Credits. We estimate we'll have $2.63 million in 2011-12 credits to allocate.

Next week's public hearing is a meeting of the Joint Committee on Tax Credits, which is responsible for making recommendations to the VHFA Board of Commissioners on changes to the QAP. It'll be held at 9:30 a.m. on Jan. 19 at VHFA, 164 Saint Paul St., Burlington.

Canal Street Veterans Housing nearly ready

canal street veterans housing renderingCanal Street Veterans Housing, a new $5.6 million building that will provide 16 units of transitional housing for veterans in Winooski, is nearing completion.

Becky Holt, Director of Development & Communications for the Committee on Temporary Shelter (COTS), says people will likely start moving in in January.

HUD commits $200,000 to Randolph housing

U.S. Sen. Patrick Leahy (right) announced a $200,000 commitment in U.S. Department of Housing & Urban Development (HUD) Economic Development Initiative (EDI) funds for Salisbury Square in Randolph.

Treasury awards $2.5 million to support Brattleboro housing

site of upper story developmentYesterday, VHFA was awarded nearly $2.5 million from the U.S. Department of Treasury in exchange for $289,500 of Housing Credit the Agency had awarded to the Upper Story development in Brattleboro.

Developers will use the funding to help create 24 residential rental units over the newly-expanded Food Coop in downtown Brattleboro.

Proctor Place restored; affordability extended

proctor place

Proctor Place, a 12-unit elderly housing development in Rutland County's Town of Proctor, is the first to use funds from VHFA's new pre-development loan program, funded by the MacArthur Foundation. (See our Mar. 31 post, "VHFA makes available MacArthur funds.")

VHFA makes available MacArthur funds

VHFA's Development Department has launched new loan programs made possible by the MacArthur Foundation.

Our new pre-development loan program serves preservation projects. Participants are required to make monthly interest payments, with principal due at construction closing.

Also new are equity bridge loans and energy/capital improvement loans. Both are short-term loans — up to three years — designed to facilitate preservation transactions. Interest is payable monthly; principal due on maturity.

Vermont tops for use of Federal Historic Tax Credits

union squareA new federal report shows Vermont is the top state, per capita, for its use of Federal Historic Tax Credits to rehabilitate historic buildings.

Regardless of population, the Green Mountain State is number 10 in the country, up from number 12 a year ago.

Ideas to improve the LIHTC program

lihtc publicationThe Federal Reserve Board has published "Innovative Ideas for Revitalizing the LIHTC Market," a collection of articles exploring ways to allow the Low Income Housing Tax Credit (LIHTC) program help more low-income renters.

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